Biogen (NASDAQ:BIIB) Research Coverage Started at Wolfe Research

Wolfe Research initiated coverage on shares of Biogen (NASDAQ:BIIB) in a research report report published on Friday morning, Marketbeat.com reports. The firm issued a peer perform rating on the biotechnology company’s stock.

BIIB has been the topic of a number of other research reports. JPMorgan Chase & Co. cut their price target on shares of Biogen from $220.00 to $210.00 and set a “neutral” rating on the stock in a report on Monday, November 4th. Cantor Fitzgerald reissued an “overweight” rating and issued a $292.00 target price on shares of Biogen in a report on Monday, September 9th. Oppenheimer decreased their price target on Biogen from $270.00 to $255.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. Raymond James reaffirmed a “market perform” rating on shares of Biogen in a research report on Thursday, October 10th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $270.00 target price on shares of Biogen in a research report on Wednesday, October 30th. Twelve equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Biogen presently has a consensus rating of “Moderate Buy” and a consensus target price of $258.96.

Biogen Stock Down 3.0 %

BIIB stock opened at $159.99 on Friday. The business has a 50 day moving average of $185.99 and a 200 day moving average of $207.27. The firm has a market cap of $23.31 billion, a PE ratio of 14.45, a price-to-earnings-growth ratio of 1.51 and a beta of -0.06. Biogen has a twelve month low of $159.60 and a twelve month high of $268.30. The company has a quick ratio of 0.80, a current ratio of 1.26 and a debt-to-equity ratio of 0.28.

Biogen (NASDAQ:BIIB) last issued its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.77 by $0.31. The firm had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.43 billion. Biogen had a return on equity of 14.98% and a net margin of 16.81%. The company’s revenue was down 2.5% on a year-over-year basis. During the same period last year, the company earned $4.36 earnings per share. On average, research analysts forecast that Biogen will post 16.42 EPS for the current fiscal year.

Insider Activity at Biogen

In other Biogen news, insider Priya Singhal sold 431 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $204.22, for a total value of $88,018.82. Following the completion of the sale, the insider now owns 5,316 shares in the company, valued at approximately $1,085,633.52. This represents a 7.50 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.16% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Biogen

Hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC lifted its holdings in Biogen by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 3,613,020 shares of the biotechnology company’s stock worth $698,062,000 after purchasing an additional 47,055 shares in the last quarter. Y Intercept Hong Kong Ltd boosted its position in shares of Biogen by 144.1% during the third quarter. Y Intercept Hong Kong Ltd now owns 7,178 shares of the biotechnology company’s stock worth $1,391,000 after acquiring an additional 4,238 shares during the last quarter. MML Investors Services LLC grew its stake in Biogen by 3.8% during the third quarter. MML Investors Services LLC now owns 10,280 shares of the biotechnology company’s stock valued at $1,993,000 after acquiring an additional 380 shares in the last quarter. XTX Topco Ltd bought a new stake in Biogen in the 3rd quarter valued at $1,348,000. Finally, iSAM Funds UK Ltd purchased a new stake in Biogen in the 3rd quarter worth $1,116,000. Institutional investors own 87.93% of the company’s stock.

About Biogen

Biogen Inc discovers, develops, manufactures, and delivers therapies for treating neurological and neurodegenerative diseases in the United States, Europe, Germany, Asia, and internationally. The company provides TECFIDERA, VUMERITY, AVONEX, PLEGRIDY, TYSABRI, and FAMPYRA for multiple sclerosis (MS); SPINRAZA for spinal muscular atrophy; ADUHELM to treat Alzheimer’s disease; FUMADERM to treat plaque psoriasis; BENEPALI, an etanercept biosimilar referencing ENBREL; IMRALDI, an adalimumab biosimilar referencing HUMIRA; FLIXABI, an infliximab biosimilar referencing REMICADE; and BYOOVIZ, a ranibizumab biosimilar referencing LUCENTIS.